[Dustpuppy]

Ok, but if I were you then I would try to play it.
I have a PAL ps2 too and I can play NTCS with color, it depends on your TV, if it can handle the ntcs signal then you are ok.

On the old PSOne there is a RGB cable to fix the colorproblem for most people.
There is a colorfix for ps2 but then you need to solder a wire on the mobo and on a tricky place too (on my V5 anyway).